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Calluna's army of small investors are nursing big paper losses, following yesterday's sharp drop in the mini-disk drive maker's share price. "A wave of selling by well-informed punters on talk of imminent bad news saw them fall 4p to 23p," the Daily Mail reports. "Then surprise, surprise. Almost 30 minutes after the official close", Calluna warned that results for the year to 31 March were likely to be "substantially below expectations". Why? Because the company's forward order book sucks. The market had anticipated a £1 million loss for the full year. We'll have to see how much "substantially below" the revised results will be. The Daily Mail is right to be cynical about yesterday’s trading frenzy in Calluna shares -- "turnover was a lumpy 9.7 million", an astonishing figure for such a titchy company. Perhaps it's time for shareholders to get a little more cynical about this always jam tomorrow company. Back in December we noted that Calluna had hit its first ever profitable month. We also predicted the company would need to tap shareholder for more funds. At the time, Calluna denied that it would need another rights issue. That was either very brave or very stupid. Now, Calluna's directors will lose all credibility if the company has to go back cap in hand to shareholders. ®